At a panel celebrating Yorkdale’s 60th anniversary in front of the soon-to-be-built Simon’s department store, Holt Renfrew CEO Sebastian Picardo marveled at the breadth of the mall’s offerings, reminding the audience that it’s actually a place “where you can buy lipstick and a car”, and not just any car, but luxury brands.

Picardo, Simon CEO Bernard Leblanc and Harry Rosen Chairman Ian Rosen gathered in front of an audience Thursday to discuss Yorkdale’s past, present and future.

The two million square foot property opened in 1964 and became the most successful shopping center in Canada, with an annual turnover of more than $2 billion, according to the mall.

During the panel, they all recognized what can be expected: in a thriving retail environment, the customer is king and quality products will keep them coming back.

But there is another point that all the panelists agreed on is that in the age of e-commerce, where traditional businesses are competing with online giants, their best strategy as retailers was human connection.

“We actually view community connections as extremely strategic,” Picardo said of his business.

Retail analysts and industry professionals say the role of retailers and malls is evolving.

“It’s certainly no secret that malls, as a type of retail, are going through a very tough time, and it’s not new,” said retail analyst Doug Stephens , founder and CEO of Retail Prophet, at CBC Toronto.

Several shopping centers in Toronto and the Greater Toronto Area have already begun or are planning a redevelopment and redesign with the goal of meeting the needs of 21st century customers.

“We’re not in the commercial real estate business anymore,” Stephens said.

Shopping centers as neighborhood pillars

Amid Toronto’s housing crisis, many buyers are in need of a place to live.

Yorkdale co-owner Oxford Properties plans to transform the mall’s parking lot into a new neighborhood over the next two decades.

City documents indicate the new neighborhood will cover up to 680,000 square meters and include up to 1,500 residential units.

Large-scale residential redevelopments are also planned for downtown Scarborough and Square One in Mississauga, where some completed buildings will open in January, according to an email from Yorkdale media manager Adrienne Simic.

She said 35,000 residents would live in the multi-tower complexes surrounding Square One.

“We’re very fortunate that shopping centers serve as an anchor for communities,” said Sherif Masood, head of development and asset management at Oxford Properties, in an interview with CBC News.

Masood said his company wants to play a significant role in creating more housing in and around Toronto.

“On paper, we have the opportunity to build 50,000 residential units in the Greater Toronto Area,” Masood said.

“There is a real opportunity to solve the housing crisis in Canada…I think we have a very big opportunity to play a role in it.”

Further east, developers plan to build condominiums and a new urban district called Pickering City Centre, adjacent to the town’s local shopping center.

Real estate company CentreCourt Developments announced plans last August to build 10 high-rise condominium buildings around downtown Pickering — reaching up to 55 storeys — that will include more than 6,000 residences.

Monica Chadha, national retail leader at EY Canada, said malls tap into people’s appetite for convenience.

“They literally want to work, shop, play in a walkable community, so these retail assets are basically creating an environment such that it balances between retail as well as between the other areas that they have in their portfolio ” she said.

In principle, Stephens said he’s on board with turning “asphalt into an asset,” but there’s a catch.

“The problem I have with that is you’re building residential space around what is basically a decaying asset.”

Organized entertainment

Stephens and Chadha say mall visitors aren’t just interested in shopping. What they want is an experience.

One of the best examples of a modern mall, he said, is the Grove, an outdoor shopping destination in Los Angeles, California.

“There’s definitely kind of a vibe there. There’s a sense of fun. It’s a place you go for leisure,” he said.

The well at Spadina Avenue and Front Street is in many ways reminiscent of this same design. Plus, there are accommodations everywhere.

This bright, multi-level architectural phenomenon is sheltered by a 35,000 square foot glass roof. Last winter, ice rinks were set up there and, all year round, artistic installations and pop-up events take place.

Stephens said these two malls offer something people can’t just lie in bed with their phones.

“On the surface, you could live in your house and never have to go out to go to the store or, you know, go anywhere, but we crave social interaction,” he said. “We are social creatures.”

Masood said Oxford Properties already hosts hundreds of events each year, knowing that “guests are absolutely looking for that opportunity to be entertained, to be surprised.”

“We brought a Barbie experience to Square One. We brought a Friends and the Office experience here to Yorkdale,” he said.

He said his teams travel the world looking for the answer to the question: “How do you curate an experience that’s worth getting off the couch and coming to the mall every day, having fun and being with his friends? »

Chadha said what has lasted all these years is the goal of a mall is to create a sense of community.

“So it’s not just about the stores that they own and the goods that they carry, the food on offer, but it’s also about celebrating key milestones within the community under their roof,” he said. she declared.

“It’s supposed to be a community hub.”